HomeMy Public PortalAbout1997_03_25_R066The Town of
Leesburg,
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RESOLUTION NO.9 7- 66
A RESOLUTION:
PRESENTED March 25, 1997
ADOPTED March 25, 1997
MAKING A REDUCTION OF THE PERFORMANCE GUARANTEE FOR
PUBLIC IMPROVEMENTS INSTALLED IN TOWNES OF VANDERBILT
SECTION II
March , 1997.
lem, Mayor
esburg
R: townsII, res
Clerk of Council
PASSED this 25th day of
WHEREAS, the town's Director of Engineering and Public Works has reviewed the public
improvements installed to date in Townes of Vanderbilt Section II and certified that the value of work
performed is $25,398.00; and
WHEREAS, a letter of credit in the amount of $163,178.00 from the Washington Savings Bank was
provided by the developer and approved by the Council to guarantee installation of public improvements for
the Townes of Vanderbilt Section II, and this letter of credit was reduced to $46,566.00 by Resolution
//95-254 adopted December 12, 1995.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
SECTION I. The letter of credit from NationsBank in the current amount of $46,566.00 is reduced
to $21,168.00.
SECTION II. The Town Manager shall notify the developer that liability for the letter of credit has
been reduced as outlined in Section I of this resolution and that this reduction does not constitute acceptance
of public improvements by the town or relieve the developer of responsibilities outlined in the contract for
public improvements for the Townes of Vanderbilt Section II.